Hut 8 Sees Unusually Large Options Volume (NASDAQ:HUT)

Hut 8 Corp. (NASDAQ:HUT) was the recipient of some unusual options trading on Tuesday. Stock investors acquired 121,874 call options on the stock. This represents an increase of 204% compared to the average daily volume of 40,139 call options.

Hut 8 Trading Up 4.0%

Shares of NASDAQ HUT traded up $1.41 during trading hours on Tuesday, reaching $36.85. The stock had a trading volume of 4,490,148 shares, compared to its average volume of 6,138,982. The business’s fifty day moving average price is $44.01 and its two-hundred day moving average price is $31.09. The firm has a market cap of $3.98 billion, a price-to-earnings ratio of -94.49 and a beta of 4.42. Hut 8 has a 52-week low of $10.04 and a 52-week high of $57.29. The company has a current ratio of 0.72, a quick ratio of 0.72 and a debt-to-equity ratio of 0.14.

Hut 8 (NASDAQ:HUT) last posted its earnings results on Tuesday, November 4th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.09. The company had revenue of $80.72 million during the quarter, compared to analyst estimates of $64.70 million. Hut 8 had a return on equity of 8.06% and a net margin of 115.39%. Analysts expect that Hut 8 will post -0.53 EPS for the current fiscal year.

Institutional Trading of Hut 8

Several large investors have recently bought and sold shares of HUT. Nisa Investment Advisors LLC boosted its stake in shares of Hut 8 by 116.4% in the second quarter. Nisa Investment Advisors LLC now owns 1,515 shares of the company’s stock worth $28,000 after buying an additional 815 shares during the last quarter. Advisors Asset Management Inc. lifted its holdings in Hut 8 by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 1,613 shares of the company’s stock valued at $30,000 after acquiring an additional 655 shares during the period. NewEdge Advisors LLC lifted its holdings in Hut 8 by 67.2% in the third quarter. NewEdge Advisors LLC now owns 2,257 shares of the company’s stock valued at $79,000 after acquiring an additional 907 shares during the period. Russell Investments Group Ltd. boosted its position in Hut 8 by 235.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 2,448 shares of the company’s stock worth $46,000 after purchasing an additional 1,719 shares in the last quarter. Finally, State of Wyoming acquired a new stake in shares of Hut 8 during the 1st quarter worth approximately $32,000. Hedge funds and other institutional investors own 31.75% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Northland Securities set a $58.00 target price on shares of Hut 8 in a research note on Wednesday, November 5th. JMP Securities boosted their price objective on Hut 8 from $25.00 to $65.00 and gave the company a “market outperform” rating in a research report on Tuesday, October 21st. Roth Capital reaffirmed a “buy” rating and issued a $60.00 price objective (up previously from $31.00) on shares of Hut 8 in a research note on Monday, September 15th. Rosenblatt Securities reissued a “buy” rating and set a $65.00 target price on shares of Hut 8 in a research note on Wednesday, November 5th. Finally, Benchmark boosted their target price on shares of Hut 8 from $36.00 to $78.00 and gave the stock a “buy” rating in a report on Tuesday, October 28th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $48.80.

About Hut 8

Hut 8 Corp., together with its subsidiaries, acquires, builds, manages, and operates data centers for digital assets mining, computing, and artificial intelligence in the United States. It operates in four segments: Digital Assets Mining, Managed Services, High Performance Computing Colocation and Cloud, and Other.